Japanese Crypto Investors Are Far More Interested in Bitcoin Than Altcoins

On August 31, data released by the Japan Crypto Asset Exchange Association (JVCEA) showed that in April this year, Bitcoin's dominance in Japan's cryptocurrency market exceeded 87%.

No other altcoin accounted for more than 6% of the monthly trading volume. In the same month, the number of active accounts for spot crypto trading in Japan increased by 13,987, setting a new record high. Yuya Hasegawa, a market analyst at Japanese cryptocurrency exchange bitbank, said: "Relative to the interest in Bitcoin, the overall interest of Japanese investors in altcoins seems to be shrinking over time."

“Given the growth in the number of active accounts, especially since last summer, the vast majority of emerging market participants in Japan are likely only interested in Bitcoin.”